ANSWER SCHEME PREP TEST 1 FIN533.pdf - CONFIDENTIAL BM/MAY...

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CONFIDENTIAL BM/MAY 2020/FIN533 UNIVERSITI TEKNOLOGI MARA TEST 1 COURSE : PERSONAL FINANCIAL PLANNINGCOURSE CODE : FIN533 EXAMINATION : MAY 2020 TIME : 1 HOUR 30 MINUTES ANSWER SCHEME TEST 1 PREP FIN533 MAY 2020 QUESTION 1 Puan Insyirah and Encik Syaufiq has been living comfortably for the last five years untilrecently she found herself pregnant of their first child. To ensure that their financial conditioncan equip their new born baby, the couple decided to have a clear picture of their financialsituation. They started to gather all relevant financial information and approach you for help. ITEM RM Take home pay Puan Insyirah Encik Syaufiq 60,000 95,000 Monthly groceries 400 Clothing 2,300 Mortgage payment, monthly 1,450 Bank Muamalat credit card balances 1,750 Monthly utilities 225 Household furnishing 4,500 Monthly Digi bills payment 250 Auto loan balance 108,000 Utility bills outstanding 375 EPF contributions 7,650 Cash in hand 500
2015 Honda Civic 82,000 Maybank Islamic saving account balance 3,500 Auto insurance premium paid 1,600 Monthly Astro flexi package 140 Market value of home 215,000 Vacation and entertainment 9,000 Auto loan payment, monthly 2,150 Mortgage loan balance 148,000 Credit card payment 2,210 Tabung Haji Balance 20,000 EPF balance 54,000 Digi bill accruals 250 Car fuel and related expenses per month 350 Monthly income zakat deduction 400 a) Using the following information construct the couple’s balance sheet for the year endingDecember 31, 2017.

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